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FTX’s troubles began following a November news report that Alameda Research, a crypto trading firm closely tied to the exchange, had liabilities of $8 billion and most of its equity in FTT, the native token of the FTX exchange and a relatively illiquid one. Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens. “Acting in a responsible manner” (except as otherwise stated in the publication) generally involves making an initial solicitation (request) for the payee’s name and TIN and, if required, an annual solicitation. Within the space of a few days, FTX had gone from being the vanguard of a new crypto economy, with a valuation of $32bn and celebrated by celebrities and politicians, to a humiliating bankruptcy.
